GLEN ELLYN, Ill., March 02, 2017 (GLOBE NEWSWIRE) -- Standard & Poor’s has revised the College of DuPage bond rating outlook from “negative” to “stable” and affirmed its “AA” rating on the College’s outstanding general obligation bonds.
The rating agency wrote in its March 1 rationale, “We revised the outlook to stable based on the stabilized board governance and management conditions, including a new president, and our view that the college’s probation status will likely be successfully resolved in 2017.”
S&P cited the College’s:
- Participation in the Chicago metropolitan statistical area’s (MSA) deep and diverse economy, with sizable supporting tax base;
- Very strong incomes and extremely strong market value per capita;
- Very strong financial position with very little reliance on the state of Illinois;
- Low to moderate debt burden.
S&P wrote, “Of all the state’s community colleges, the College of DuPage receives one of the smallest (if not the smallest) percentages of general fund revenue from the state – a notable credit strength in the current state environment. We believe the district has very strong reserves in place for fiscal 2017 and beyond to compensate for any shortfall and the ability to raise tuition and property taxes to account for the lost state revenue.”
“We are very pleased that Standard & Poor’s recognizes the excellent operations of College of DuPage,” said COD President Dr. Ann Rondeau. “We are moving in the right direction on all fronts to serve our students and the taxpayers who fund this great institution.”